LondonBureau

LONDON (MarketWatch) -- Imperial Tobacco Group PLC
ITY
is drawing up plans for London's second-biggest rights issue in six years, raising up to GBP4 billion to finance its planned takeover of Altadis SA (ALT.MC), the Franco-Spanish cigarette maker, The Times of London reports Friday.

The Altadis offer, which Imperial described as "friendly", values the Madrid and Paris group at EUR14 billion including EUR2.8 billion of debt; If successful, Imperial's bid would be financed through a rights issue and debt raised from its advisory banks, Citigroup Inc
C, +1.23%
and Morgan Stanley
MS, +1.08%
the report said, without citing sources.

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